Regulatory stability and renewable energy investment: The case of Kazakhstan

Boute, Anatole

doi:10.1016/j.rser.2019.109673

Cited by 37 publications

(17 citation statements)

References 35 publications

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“…The extant literature broadly examines the key issues of generating innovative financial products for renewable energy investors. For the effectiveness of this financial innovation, first, the expectations of the renewable energy investors should be considered (Croutzet and Dabbous 2021;Boute 2020;Dinçer et al 2022), and a comprehensive evaluation should be conducted to identify the needs of these investors (Kauffman and Roston 2021). Companies should be willing to solve the problems, which positively influences the views of renewable energy investors (Yu et al 2021;Sen and von Schickfus 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

Understanding the financial innovation priorities for renewable energy investors via QFD-based picture fuzzy and rough numbers

Yüksel

Dınçer

2022

Financ Innov

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This study evaluates financial innovation priorities for renewable energy investors by generating a novel hybrid fuzzy decision-making model. First, SERVQUAL-based customer needs for financial innovation are weighted with decision-making trial and evaluation laboratory based on picture fuzzy sets. Second, the financial innovation priorities are ranked by technique for order preference by similarity to ideal solutions based on picture fuzzy rough sets. In this process, Theory of the solution of inventive problems-based technical characteristics for financial services, the process for innovative services, and competencies for financial innovation are considered using quality function deployment phases. In addition, the Vise Kriterijumska Optimizacija I Kompromisno Resenje method is also considered for an alternative ranking. Similarly, sensitivity analysis is also performed by considering five different cases. It is determined that the ranking priorities based on the proposed model are almost identical, demonstrating the proposed model’s validity and reliability. Assurance is the most crucial factor for the customer needs regarding the financial innovation priorities for renewable energy investors. Concerning the financial innovation priorities, the product is the essential priority for financial innovation; hence, it is recommended that companies engage qualified employees to effectively design the financial innovation for renewable energy investors. Additionally, necessary training should be given to the employees who currently work in the company, which can increase the renewable energy investors’ trust in the innovative financial products. Companies should mainly focus on the product to provide better financial innovation to attract renewable energy investors. An effectively designed financial innovation product can help solve the financing problem of renewable energy investors.

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Section: Literature Reviewmentioning

confidence: 99%

Understanding the financial innovation priorities for renewable energy investors via QFD-based picture fuzzy and rough numbers

Yüksel

Dınçer

2022

Financ Innov

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“…However, because of the highest credit rating in Kazakhstan among other utilities, KEGOC does not guarantee the bankability of the PPAs with the FSC. The lack of the guarantee may be critical, due to the diminishing creditworthiness of the Kazakh scheme in a case of nonpayment by the thermal power stations (Boute, 2020). The 'Green Bridge' Astana initiative, the "Green Academy '' Scientific and Educational Centre, Association of Legal Entities the "Coalition for a Green Economy", and G-Global Development, The International Financial Centre "Astana" (IFCA) are examples of organizations in the sphere of green economy and implement various projects (Kozlova & Varavin, 2020).…”

Section: Climate Financing Intermediaries In Kazakhstanmentioning

confidence: 99%

The effectiveness of climate financing intermediaries: comparative study of Kazakhstan and Ukraine

Sabirova

2022

JGSS

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This research is focused on identifying the effectiveness of climate financing intermediaries based on the comparative study of Ukraine and Kazakhstan. Main aim of the research is to analyze main differences of activities of financing intermediaries in distinct states. Kazakhstan and Ukraine, two CIS countries have similar environmental description, but not alike commitments to climate issues. Ukraine is the best post-Soviet country through climate change performance indicators, while Kazakhstan is believed to be in the bottom of this list worldwide. The hypothesis testing showed that the quantity of the intermediaries in the state does not play a vital role, as three global intermediaries as EIB, EBRD, and IBRD that can be found in both states, showed different performance, resulting being more active and advanced in Ukraine than in Kazakhstan. This relates to the state’s general interest in committing more actions into its own environmental policies. Kazakhstan, according to postcolonial theory, emphasizes economic benefits more than environment, whereas Ukraine pays more attention to renewable energy and climate change. Therefore, what makes the intermediary better in Ukraine is its close cooperation with the global institutions that provide such financing. After the Euromaidan and war in Donbass, Ukraine changed its political direction to Europe, where largest intermediary – EBRD – is based. To maintain independence from Russia, Ukraine strongly determined to switch to renewable energy. That is why its cooperation with EBRD, and other intermediaries is substantially emphasized by government.

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“…However, ''geology need not be destiny'' [93] for institutions or democracy, nor institutional quality a death sentence if rigorous structures can be put in place to manage RE resources. Given that political and institutional instability decreases rates of private RE investment [95], such a focus on regulatory stability can also mitigate the concerns of RE investors and encourage investments [96]. It is uncertain whether RE revenue could potentially render a government sufficiently wealthy to disregard the will of its people or reject democracy.…”

Section: Weakening Of Institutionsmentioning

confidence: 99%

“…see [99]), and resource development requires ''wellintentioned, far-sighted, and highly capable'' governments to appropriately invest and use resource revenue to ensure sustainable economic growth [100], combating institutional weakness is a key element to both encouraging RE development and preventing a resource curse in LMICs. Indeed, in the context of a weak institutional environment, states are less likely to attract investment in RE [101,102] and a resource curse is more likely to occur [103]. By assessing the risks of RE development and proactively implementing rigorous preventative policies, resource curse risk can be reduced while institutions are strengthened and investment is attracted, a proactive two-birds-one-stone outcome.…”

Section: Policy Implicationsmentioning

confidence: 99%